how to finance a boat purchase on boat not listed on NADA ....info apprecitated...

[bluewater34]

looking to purchase a new tender....BWA 750 rigid inflatable....bank said they cannot loan against due to fact BWA is not listed on NADA guide....

any suggestions on how to secure this loan....or how to position for loan...

great deal....if this helps....2006 25' w/225 yamaha and trailer with bimini...comp sales i find in Italy etc. are around $50K plus....only looking for $10K...if this helps...

 

[sschefer]

Re: how to finance a boat purchase on boat not listed on NADA ....info apprecitated..

My finance company gave me pre approval to buy a boat for X amount of dollars. I also agreed to X amount of dollars down. My only restrictions were that I had to take delivery in state and if I bought used I had to have their rep survey the boat before they would approve the purchase. I ended up buying new.

 

[oldjeep]

Re: how to finance a boat purchase on boat not listed on NADA ....info apprecitated..

How about just getting a personal loan for the money? If you credit is half decent you should be able to get a 10K loan for about the same rate you would get on a car/boat loan.

 

[Home Cookin']

Re: how to finance a boat purchase on boat not listed on NADA ....info apprecitated..

2006 25' w/225 yamaha and trailer with bimini...comp sales i find in Italy etc. are around $50K plus....only looking for $10K

sounds like a scam to me.

 

[5150abf]

Re: how to finance a boat purchase on boat not listed on NADA ....info apprecitated..

I agree that it is a scam or sure sounds like one, if it is too good to be true it probably is and a boat for 1/5th the price is in that catagory.

 

[bluewater34]

Re: how to finance a boat purchase on boat not listed on NADA ....info apprecitated..

thanks guys....Credit is good....personal loan was couple points higher actually which i did not understand...

no not a scam....its a wealthy friend of a friend deal on the boat....it is a great deal, they arent worried about money really, done a lot for them over the years...and knew i was looking...

want to move since its in storage.....and they are leaving for extended cruise.

re-read my ommissions....sale price is $20K, have the $10K cash, wont have rest for a couple months...hence the loan...will pay off in 4-5 months...even with all this, underwriter said cant write on since not listed in NADA...bank said ok, underwriters gave me the Heisman..

just thought someone may have experienced prior.....
anyway thanks for the replies, i appreciate it....will post pics after ride and compression test tomorrow....if all goes along...

 

[sschefer]

Re: how to finance a boat purchase on boat not listed on NADA ....info apprecitated..

Would the underwritter accept an appraisal from a certified marine surveyor? That was an option I had?

 

[bluewater34]

Re: how to finance a boat purchase on boat not listed on NADA ....info apprecitated..

Will check....thanks for that...

 

[Brewman61]

Re: how to finance a boat purchase on boat not listed on NADA ....info apprecitated..

How many different banks, credit unions, etc... did you try? They do have different standards, so try several. You might find a willing lender out there if you have good credit.

 

[sschefer]

Re: how to finance a boat purchase on boat not listed on NADA ....info apprecitated..

There are only a few marine underwriters aka re-insurer's. Most banks are using Loyd's as they were the first to open back up to Marine financng.

 

[lncoop]

Re: how to finance a boat purchase on boat not listed on NADA ....info apprecitated..

If the seller is a friend of a friend and isn't in that big of a hurry for the money why not work something out with him (or her)? Ten grand now and the balance within ninety days for example.

 

[oldjeep]

Re: how to finance a boat purchase on boat not listed on NADA ....info apprecitated..

thanks guys....Credit is good....personal loan was couple points higher actually which i did not understand...

Shop it around, you should be able to get around 6% on a signature loan with no collateral if you have decent credit.

 

[Bamaman1]

Re: how to finance a boat purchase on boat not listed on NADA ....info apprecitated..

Take it from an old finance man, the NADA is complete fiction on boats and recreational vehicle values. Bankers are also very unreasonable due to mergers, past losses and lack of authority. Since internet banking and check cards came into use, I just a bunch of empty offices and bankers doing nothing.

If you get the run around after paying half down, you don't want to do business with such an institution.

Go join a good credit union, and move all your finances to them. They're much easier to do business with. And, you'll save big $, too.

 

[KBHumphrey]

Re: how to finance a boat purchase on boat not listed on NADA ....info apprecitated..

If you have good credit and are ABSOLUTELY confident you can pay this off within 4-6 months, here's an alternative suggestion:

0% credit card. Those offers are floating out there again with regularity, I get them several times a week. 3% charge on the advance, which is less than you'd pay in interest, and usually 12-18 months to pay off. You own title free and clear, you can have the money within a week. But this is all contingent on you being disciplined enough to pay it off. Otherwise it's a bad idea.

Good luck.

 

[canuckjgc]

Re: how to finance a boat purchase on boat not listed on NADA ....info apprecitated..

I just have to say it - if you need to finance it, you can't afford it. There is always another deal to be had around the corner. Maybe I'm just debt-averse, but taking a loan and planning to pay it off later, especially in these uncertain economic times, makes no sense to me. Guess I'm weird.